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Approaching Key Resistance

EURJPY TECHS
  • RES 4: 144.00 Round number resistance
  • RES 3: 143.16 61.8% retracement of the Dec 15 - Jan 3 bear leg
  • RES 2: 142.94 High Dec 28 and key resistance
  • RES 1: 142.57 50-day EMA
  • PRICE: 142.29 @ 06:46 GMT Jan 11
  • SUP 1: 141.10/139.97 Low Jan 10 / 5
  • SUP 2: 139.36 1.0% 10-dma envelope
  • SUP 3: 137.39 Low Jan 3 and the bear trigger
  • SUP 4: 137.03 Low Aug 29

EURJPY is trading higher today as the cross extends the rally that started on Jan 3. Price is approaching 142.57, the 50-day EMA, ahead of a key hurdle for bulls at 142.94. Near-term strength is deemed corrective while the cross remains below 142.94. A reversal lower would refocus attention on 137.39, Jan 3 low, where a break would resume the 2-month downtrend and open 137.03, Aug 29 low. For bulls, clearance of 142.94 would signal a reversal.

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